Buffett Defends Dimon, Says Regulators Take Ton of Flesh

Bloomberg reports:

Billionaire investor Warren Buffett said JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon will withstand litigation and legal probes that led his bank to take a $7.2 billion charge in the third quarter.

“If a cop follows you for 500 miles (800 kilometers), you’re going to get a ticket,” Buffett, the chairman and CEO of Berkshire Hathaway Inc. (BRK/A), said today in an interview on CNBC. “And believe me, you’ve had a lot of cops that have been following a long time, and they’re going to write some tickets.”

TARP billionaire Warren Buffet goes to bat for Jamie Dimon.